1. The first step in the financial planning process is:

a. determining your financial position compared with others to provide a benchmark to success

b. determining your financial situation regarding income, savings, living expenses, and debts

c. creating financial goals

d. evaluating the effectiveness of the financial planning process

2 Sophia Martin's goal has been to travel around the world. She has now been traveling for six months and she has decided she is a little tired of living out of a suitcase. She has decided to go home, look for a part time job, and take shorter trips to locations around the world that appeal to her. Which step in the financial planning process does this scenario most likely demonstrate?

a Developing her financial goals

b Identifying alternative courses of action

c Evaluating her alternatives

d Implementing her financial plan

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